Macedonian C-bank Absorbs 7.064 Bln Denars (114.5 Mln Euro) in 28-day Repo Funds

The central bank bought the repo funds at an average interest rate of 4.99%, the NBRM said in a statement. The repo rate rose by 0.04 percentage points from the previous auction, held on January 23.

Commercial banks placed bids for the total amount on offer and the Finance Ministry approved all bids.

The central bank auctions 28-day repo funds every week, usually on Wednesdays. It sometimes alternates the periods of the repo fund offers from 28 days to 27 or 29 days. The minimum lot for banks at the repo auctions is set at one million denars.

The NBRM absorbed over 160 billion denars in repo deals in 2007 and a further 25 billion denars since the beginning of 2008.

(1 euro = 61.6682 Macedonian denars)